I could have the chance of taking Voluntary Redundancy, the only thing holding me back is the Tax Bill I will face.

Lets just suppose for one moment that I get a Pay-Off of £200,000 - £30,000 is Tax Free (great so far) HOWEVER the next £170,000 is taxed at 40%. Making a Tax Bill of £68,000!! Bloody thieving B4stards!!!!!!! So, I take only £132,000 - Hardly Worth me pulling my socks on, you will agree?

Now, if I invest in a new venture can I get that tax back??

Anyone know how to get that Tax back??? Is there a way or am I doomed?? its my Redundancy after all why should they get ANY of it?? Pi55ed Off!!

Still, I suppose it will go to some mum in Moss Side with 15 kids, all colours, everyone a different Dad - so why am I MAD!!!!??

Thanks for listening - tell me how to save this tax bill and I'll give you a set of Gold wheels!!

Pete

[Edited by pslewis - 4/16/2002 9:34:43 PM]

 

why are you only getting a months wages for a redundancy pay off?

 

Under the terms of my Pension/Redundancy Package I am only entitled to a Maximum of 3x Salary, hence the cr4ppy £200,000 - that buys a garden shed round here for gods sake!!

Pete

 

Cannot help about reclaiming the tax but what I can tell you is that they won't take the 40% immediately; I got away with 23% now and 17% at the end of the tax year.

TT

 

pete,

where have u seen these sheds? i need a cheap one

Tiggs

ps- if it was CGT you could use things like Venture Cap Trusts but the only way to gain relife on Income Tax (that springs to mind) is to top up your pension- which wont make much difference on those figs- so tuff for you and good for moss side!!!

 

Pete,
Ive already got a set of gold wheels. Can I have your escort instead. Then again thinking about it I'd rather go without.

Chip.

 

Pete,

Do yourself a favour and speak to a tax expert from at least a mid tier accountancy firm:

Like mine

And don't rely on "experts" here

If you want more info, mail me offline.

I'm not back in the office till Thursday am, but email me if you want to take it further.

D

 

Thanks Diablo - not sure that I will jump in the fire yet, they say they will not let me go if I apply - BUT I can try??

Could there be a way to keep the money in worthy hands like mine??

Thanks

Pete

 

Chip - the Escorts gone mate - I am really gutted, all I wanted was some space in my garage ...... now the suns out I miss the old girl.

Pete

 

Just realised - that tax bill is THREE Imprezas!!!!

Its a Pi55 Take isnt it??

We should all pay the same % tax - why should someone struggling on £66,000 a year in the South get hit at 40% - you NEED £66,000 just to live round here. I have just looked at some 5 bedroomed houses STARTING at £700,000!! Its really tuff down here.

I just may retire now and buy somewhere like, what? Wales?

Pete

 

...and that 30,000 tax free has been the same for years! There was a time when it was actually worth a lot of money

mb

 

Bl**dy hell, You're 'only' on £66k, If I had EVER earnt a third of that in a year I be well chuffed, some people don't know they're born!!!!!!!!!!!!

 

Hiya Ron, you live in an expensive area too dont you?? If my memory serves me well, it would be around ferndown??

You will agree with me then that its hard for the young to get anywhere to live? They need to be on £40,000 to get a £120,000 house which basically buys you a 2 bed semi - with NO garage!

I am convinced that the bubble will burst this year - hence the struggle on £66,000 - I have 3 cars to run, wife, siblings - those school trips cost you know? and then theres that £700,000 house I need.

Pete

 

[Edited by bros2 - 7/2/2003 1:18:01 PM]

 

There are German troops in Afganistan, in fact I believe at least 3 have been killed in non combat accidents. Tax is higher here than in the UK(this morning anyway).

Pete,
No use complaining about the tax as your getting the chance of the dosh. Take the dough and find a new job, that way its a job change backed up by a lump sum. If you continue to plough the max annually from now on into your pension you'll get it back but it will take time.

Regards
Cammy

 

WTF have whose troops are in Afganistan got to do with Pete's tax liability?

You'll find the Italians and germans are very limited in how they can deploy there armies - remember a small conflict a few years back, the great war or something.............

 

Plough some direct into a pension scheme for max relief.

 

Pete,
You must live in a parallel universe. 5 bedrooms for £700k?? We have a 5 bed house not a million miles from AWE - if you like I'll sell it to you for £699k, then you'll be a grand up......

deal?

 

Pete. Legally you're entitled to 1 weeks pay, for every year continuous you've worked for your employer up to a maximum of 20 weeks. (1 1/2 weeks if you're over 40)
You should consider yourself lucky if what they are offering is genuine, I would be feckin delighted to pay 40% tax if it meant I was getting 3 years salary as a payoff.

 

If the DTI pays your redundancy 'cos your last employer couldn't, they cap the maximum pay out per week @ £240

[img]images/smilies/mad.gif[/img]

 

Pete,

Wales is a good bet, my parents recently looked at a 6 bedroom Victorian detached house in 3 acres of land, price £115,000 !!

 

sillysi - thats cos there is nothing but sheep for the surrounding 20 miles.

 

bless - you're going to get little sympathy I'm afraid. As has already been said, it's in lieu of wages on which you would have paid tax anyway. Redundancy is meant to fund you to give you time to get a new job (I'm assuming you can in your current area, if not move somewhere cheaper to buy houses), not to pay your mortgage off or allow you to retire(!).

since it's voluntary redundancy presumbaly there are no non-compete clauses etc - if you've got long enough to decide get your CV out straight away and try to line another job up and then you're in profit instead of being upset about the tax.

Gordo

 

BUT I want to retire on the money

Paid into system since I was 15 years old - payback time in my book!!

Pete

 

Andrew6321 - your 5-Bed house? at less than £700k?? Well, there would be a reason of course ..... take a trip to Ashford Hill and look at the 5-bed Bewley Homes, they START at £700K

Cant see why - but they ARE!!!

Pete

 

Disclaimer : This is in no way related to Petes original question (well slightly but not a dig at Pete (By the way Pete, take the cash and get another Job)), nor is it a dig at any one individual but I felt compelled to vent my spleen !


/Rant on


Why do people who live south of Watford persist in complaining that 'You need £nnn,nnn per year to live 'Darn Sarf'? Apart from your house price, what exacty costs any more than anywhere else in Britain (Excluding beer and insurance due to everyone down there being 'a little bit wheey, a little bit whoo')

House prices have been artificially inflated over time and employers now need to pay people shed loads of cash to come and live/work there, so that once you've paid the monthly mortgage fee you've then got shed loads of cash minus a monthly mortgage payment to spend on everything else !!!

Do Scoobies cost more down there than up here ?

Does Milk?

Does food ?

Does your heating, electric, gas, telephone ?

Does road tax ?


I suspect that most of you have an amount of cash left after the mortgage bill (and bar tab) roughly equivalent (total guess but you get the idea) to 4 (or something) times the amount of cash your Northern neighbours have (to spend on the same things at the same prices)

Quit the bitchin' and spare a thought for us poor Northern Monkeys !

I mean seriously, how much Shandy can one person drink !!

 

Not quite but as a Geordie Ex-pat, I can confirm that the difference is there mate! Everything is more expensive.....Cinema tickets, restuarants/bars/takeaways, hairdressors, garages, service of any kind, gym clubs and worst of all local public transport. It costs me over £3000 a year to get to work on the train, 3 times more than it cost to travel twice the distance up north. Every little thing you can imagine adds up. Then theres the housing and council tax bills on top.

When I fisrt moved down here I was on twice as much, but was seriously in debt 6 months later, and not due to extravagent living either

 

Ok, cinema tickets and gym memberships granted but please wont somebody think of the monkeys !!


Seriously though, I have a point dont I ?

It's not quite relative across the board is it ?

 

if someone would halve my mortgage i will happily pay 3 times as much for everything else!

 

Why move there to get big money, then complain that everything is more expensive?

HELLOOOO?

MOVE AWAY SOMEWHERE LESS EXPENSIVE